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Fifty-six percent of chemical companies said the state of the market is “good,” up from just 27% last year, according to Washington, DC-based Synthetic Organic Chemical Manufacturers Association’s (SOCMA) “Second annual business outlook” survey. Additionally, 70% of responding companies expect a 5-10% increase in sales in 2005.
However, SOCMA members predict market share held by competitors in evolving foreign markets, such as China, India and Eastern Europe, will double to 40% by 2007.
“U.S. manufacturers are saddled with the burden of overhead costs stemming from high corporate taxes, frivolous lawsuits and excessive government regulation, all of which put us at a disadvantage when competing with other trading nations,” commented SOCMA president Joe Acker. “We must create a level playing field so the U.S. chemical manufacturing industry can compete and win against foreign competitors.” More info: www.socma.org.